The Trump administration has signalled that it still intends to impose new Section 301 duties on China to replace the IEEPA tariffs that were struck down by the Supreme Court. This looks set to more than offset any targeted tariff reductions resulting from the new Board of Trade. Together with the failure to agree to an early extension of the trade truce and the possibility of renewed tensions over Taiwan, this makes it even clearer than it was a week ago that the Trump-Xi summit has done little to address the underlying strains in US-China relations.
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